Hayasa Metals Announces Completion of 2026 Urasar Drill Program, and Warrant Extension Application
Hayasa finishes its 2026 Urasar drilling and plans a one-year TSXV-approved extension of existing $0.22 warrants.
Rhea-AI Summary
Hayasa Metals (HAYAF) has completed its planned 2026, 1,070-meter diamond drill program at the Urasar Project in northern Armenia, targeting the Oxide Basin and Silica West prospects with holes UDD-022 and UDD-023.
The holes tested near-vertical audio-magnetotelluric (AMT) anomalies supported by surface geochemistry and strong hydrothermal alteration, intersecting intense multiphase quartz-anhydrite stockwork with pyrite, chalcopyrite and occasional enargite. Increasing potassic alteration and Cu-bearing sulfides are interpreted as evidence of a potentially well-developed porphyry-style hydrothermal system, with assays from ALS expected by mid-October 2026. Management states it expects results similar or better than strong mineralization previously reported in hole UDD-021. Hayasa also plans to apply to the TSX Venture Exchange to extend the expiry of an aggregate 11,165,282 outstanding one-half share purchase warrants from March 23, 2027 to March 23, 2028, at an exercise price of $0.22 per share, with all other warrant terms unchanged.
Positive
- 2026 drilling program completed with 1,070 meters in two deep holes at Urasar, advancing geological understanding of key AMT anomalies.
- Porphyry-style indicators observed, including multiphase quartz-anhydrite stockwork, Cu-bearing sulfides and increasing potassic alteration at depth.
- Assay timeline defined with results from ALS expected by mid-October 2026, providing near-term data for the Urasar mineralization model.
- 11,165,282 half-warrants proposed for expiry extension to March 23, 2028 at $0.22, preserving a potential future equity funding source.
Negative
- No assay results yet from 2026 drilling, so mineralization grades and economic potential of UDD-022 and UDD-023 remain unquantified.
- Warrant life extended by one year, if approved, lengthening the period during which additional common shares may be issued at $0.22.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Vancouver, British Columbia--(Newsfile Corp. - September 4, 2026) - Hayasa Metals Inc. (TSXV: HAY) (OTCQB: HAYAF) ("Hayasa" or the "Company") Hayasa is pleased to announce it has completed the scheduled 1,000-meter diamond drilling program at the Urasar Project in northern Armenia. The program comprised two drill holes, UDD-022 and UDD-023 (Figure 1), targeting the Oxide Basin and Silica West prospects respectively, in the far western portion of the Urasar exploration permit. The final 1,070-meter drilling program was carried out by the AT Group, a drilling contractor based in Yerevan, Armenia employing an Atlas Copco CS-14 machine.
Figure 1. Historical Drill Hole Locations with UDD-022 and UDD-023 Highlighted
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3169/313068_d6858d37c419e81f_002full.jpg
In May 2026, Hayasa completed a six-line, 53-station audio-magnetotelluric (AMT) geophysical survey at Urasar, following a successful three-line orientation survey conducted in June 2025 (see Hayasa news release dated June 11, 2026). Interpretation of the resistivity data identified several zones of low resistivity (high conductivity) that can correspond to sulfide mineralization intersected in previous drill holes UDD-001, UDD-011, and UDD-014.
Previous drill hole UDD-021 completed in late 2025, was terminated prematurely prior to reaching the targeted depth, but nevertheless intersected some of the strongest mineralization encountered at Urasar to date, including 39 meters grading
Drill holes UDD-022 and UDD-023 were designed to test near-vertical AMT anomalies identified on profiles 1 and 2 at the western end of the property, and in the vicinity of UDD-021. These targets are also supported by anomalous surface geochemistry and strong to intense hydrothermal alteration. This portion of the license area hosts large, resistant siliceous ridges characterized by iron oxide replacement of sulphides, together with localized occurrences of unoxidized bornite mineralization.
Figure 2 below illustrates the completed drill holes superimposed on the corresponding AMT resistivity cross section profiles.
Figure 2. Hole UDD-022 at Oxide Basin and UDD-023 at Silica West
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https://images.newsfilecorp.com/files/3169/313068_fig2.jpg
The 2026 drilling intersected an intense, multiphase quartz-anhydrite vein/veinlet stockwork hosted by strongly hydrothermally altered rocks. The vein system locally contains pyrite and chalcopyrite, with occasional enargite. Increasingly potassic-style alteration observed at depth, together with the stockwork character and Cu-bearing sulfide assemblage, is interpreted as evidence for a potentially well-developed porphyry-style hydrothermal system.
Figure 3. Select UDD-022 Core Photos at Depth
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https://images.newsfilecorp.com/files/3169/313068_fig3.jpg
Hayasa Management comments
Hayasa President and QP Dennis Moore states: "Visually the core from these two holes is slightly different from previous holes with long sections of intense silicification, as well as the ubiquitous brecciation abundant pyrite mineralization and subordinate chalcopyrite mineralization seen in all previous drill holes. We are expecting results similar or better to the results from the end of last year. It's well to remember that 23 drill holes is not a lot of drilling for a mineralized corridor that is 15 kms long."
Hayasa CEO, Joel Sutherland, adds: "The company continues to learn more about Urasar with every meter drilled. These last two holes are the first two holes drilled to depth, and the veining in the core is potentially indicative of something much bigger. The assays, results expected from ALS mid-October, will provide structural and geochemical data to add to our Urasar mineralization model.
We continue to believe there is economic mineralization at Urasar that can be unlocked, and the assays of these deeper holes will contribute materially to how we unlock that value. As the Urasar license extension is renewed over the coming months, Hayasa management will focus on our new potential projects at Amasia, Mount Stephanie, Hovo's Reward, and Vardenis."
Proposed September 2025 Warrant Extension
Hayasa announces that it intends to file an application to the TSX Venture Exchange to extend the expiry dates of an aggregate of 11,165,282 outstanding one-half of one common share purchase warrants (the "Warrants"). The Company proposes to extend the expiry date of the Warrants from March 23, 2027 to March 23, 2028.
The Warrants were issued pursuant to a non-brokered private placement that closed on September 23, 2025 and were originally exercisable for 18 months from the closing date. Each whole Warrant entitles the holder to purchase one common share in the capital of the Company at a price of
The extension of the Warrants remains subject to approval of the TSX Venture Exchange.
Qualified Person
The content of this news release was reviewed and approved by Dennis Moore, Hayasa's President and Chairman, a qualified person as defined by National Instrument 43-101.
On behalf of the Board of Directors,
Joel Sutherland
CEO
Hayasa Metals Inc.
For further information, contact:
joel@hayasametals.com
www.hayasametals.com
https://twitter.com/Hayasametals
604-676-5664
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking statements
This news release contains forward-looking statements. All statements other than statements of historical fact included in this news release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements including, without limitation, statements regarding future exploration programs. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by Canadian securities law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313068
FAQ
What did Hayasa Metals (HAYAF) announce about the 2026 Urasar drill program?
Hayasa Metals announced completion of its scheduled 1,000-meter diamond drill program at Urasar, which finished at 1,070 meters across two holes, UDD-022 and UDD-023. The drilling tested audio-magnetotelluric (AMT) anomalies at the Oxide Basin and Silica West prospects in northern Armenia.
What geological results were observed in Hayasa Metals’ 2026 Urasar drilling?
The 2026 drilling intersected an intense, multiphase quartz-anhydrite vein/veinlet stockwork with strong hydrothermal alteration. The veins locally contain pyrite, chalcopyrite and occasional enargite, with increasingly potassic-style alteration at depth, interpreted as evidence of a potentially well-developed porphyry-style hydrothermal system.
When are assay results from the 2026 Urasar drill holes UDD-022 and UDD-023 expected for HAYAF?
Hayasa’s CEO stated that assay results from ALS are expected by mid-October 2026. These assays are intended to provide structural and geochemical data to refine the company’s mineralization model for the Urasar Project.
How many warrants is Hayasa Metals (HAYAF) proposing to extend and on what terms?
Hayasa plans to apply to extend the expiry of an aggregate 11,165,282 outstanding one-half of one common share purchase warrants. Each whole warrant allows the purchase of one common share at $0.22 per share, with all other terms remaining unchanged.
What new expiry date is proposed for Hayasa Metals’ HAYAF warrants and what is the current date?
The company proposes to extend the warrant expiry from March 23, 2027 to March 23, 2028. The warrants were issued as part of a non-brokered private placement that closed on September 23, 2025 and were originally exercisable for 18 months from that closing date.
Is the extension of Hayasa Metals’ HAYAF warrants already approved?
No. The company stated that the proposed extension of the warrants’ expiry date to March 23, 2028 remains subject to approval of the TSX Venture Exchange. Until approval is granted, the current terms, including the March 23, 2027 expiry, continue to apply.
Who is the qualified person for Hayasa Metals’ Urasar drill program disclosure?
The technical content of the Urasar drill program disclosure was reviewed and approved by Dennis Moore, Hayasa’s President and Chairman, who is identified as a qualified person under National Instrument 43-101.